Foreign News
Farmbot ’ s ambitious US expansion
July-August . 2024 | @ AGROBiz
Foreign News
07
Thailand ’ s export initiative
THIS year , Thailand plans to export 800,000 tonnes of crude palm oil to stabilise local fresh palm nut prices .
According to the Internal Trade Department Director-General Wattanasak Suriam , prices have risen above five bahts per kilogramme after dropping earlier this year due to oversupply .
To address this oversupply , the department has outlined a plan to continue exporting palm oil , which is expected to boost the price of fresh palm nuts .
In the first half of this year , Thailand managed to export about 400,000 tonnes of crude palm oil , and a similar volume is projected for the second half , maintaining the total exports for 2024 at 800,000
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tonnes , consistent with the previous year .
Wattanasak says Thai crude palm oil is competitive globally as its price aligns closely with international levels . The cost of Thai crude palm oil stands at 33.25 bahts per kilogramme , an increase from 32.63 bahts last month . The price has risen to 32.72 bahts per kilogramme globally from 31.35 bahts .
Domestically , the demand for crude palm oil is split , with 110,000 tonnes required for consumption and 120,000 tonnes earmarked for biodiesel production . The primary export market remains India- with total exports between 800,000 and 900,000 tonnes .
Thailand ’ s crude palm oil stockpile is currently around 300,000
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tonnes . The baht depreciation is expected to favour Thailand ’ s crude palm oil exports .
Moreover , the Internal Trade Department has issued strict guidelines to prevent malpractice among palm nut buyers and palm oil extraction plants .
Under the Price of Goods and Services Act of 1999 , penalties for making palm nuts fall unnaturally , including up to five years in prison , a fine of 100,000 bahts , or both .
Furthermore , extraction plants must report their daily operations , including the amount of palm fruit purchased , purchase rates , and the quantity of oil extracted .
Violations of these regulations ,
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such as purchasing fruit below the set price or failing to report extraction quantities , carry severe penalties , including jail terms and substantial fines . Officials will also inspect the accuracy of scales and transactions at dumping yards and palm oil plants to safeguard farmers from exploitation .
Due to this , farmers are advised to delay their harvests and ensure they only cut fully ripened palm nuts to achieve optimal pricing . The production of fresh palm nuts in 2024 is projected to be around 18 million tonnes , with crude palm oil production estimated at three million tonnes , mirroring the figures from the previous year .
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Heatwave threatens corn harvest
A SEVERE heat wave sweeping through the central and eastern United States raises alarms about potential damage to this year ’ s corn harvest , especially in the southern regions .
The National Weather Service has issued heat alerts for parts of the Midwest and Northeast , forecasting temperatures exceeding 90 degrees Fahrenheit until saturday . With humidity factored in , the heat index could surpass 100 degrees Fahrenheit in some East Coast areas .
While most of the US corn belt is expected to endure the extreme temperatures without significant harm , concerns are mounting for farms in the South . The southern regions are experiencing the silking stage , the initial phase of corn ’ s reproductive cycle , making the crops more vulnerable to heat stress .
In a recent update , US Department of Agriculture meteorologist Brad Rippey emphasised the possible concerns : “ June is a bad time for a heat wave for maise across the southern United States .” We will have to keep an eye on that .”
Moreover , high temperatures during critical stages like pollination and silking can lead to shorter corn ears and fewer kernels , ultimately reducing the yield .
Fortunately , in the Midwest , where most US corn is produced , crops have yet to reach their reproductive phase . This timing may help mitigate the impact of the current heat wave .
Rippey noted that if the heat wave had struck three or four weeks later , it would have posed a more significant threat , as corn would enter its reproductive stage and some early-planted soybeans would begin blooming .
According to weather forecasts , this summer is anticipated to be hotter than usual , increasing the likelihood of crop disruptions . Additionally , the ongoing transition from an El Niño to a La Niña climate pattern could further influence temperature trends , with some studies suggesting that La Niña is associated with hotter summers in the Midwest .
While the US corn belt might escape severe damage , southern farms are at higher risk , and the agricultural community remains vigilant and monitors the situation closely .
Farmbot ’ s ambitious US expansion
FARMBOT Monitoring Solutions , an Australian agtech startup specialising in water management for farmers , has secured US $ 4.6 million in funding . This investment will primarily support the expansion of its US subsidiary , Ranchbot .
Based in Sydney , Farmbot exceeded its initial US $ 3 million funding goal with significant contributions from existing shareholders Telstra and Macdoch Ventures and new investors from the US ranching industry , as reported on LinkedIn .
Co-founder and Managing Director Andrew Coppin plans to utilise this capital to enhance Farmbot ’ s offerings . The company aims to extend beyond water management , incorporating tools for overall farm infrastructure , such as soil health , pasture quality , and biodiversity monitoring .
Coppin emphasised that the new investment , combined with the expertise of their teams in Australia and the US , will significantly boost their growth in the agriculture and ranching markets .
Currently , Farmbot supports over 3,500 farms and employs 70 people . According to its website , Farmbot ’ s technology can monitor water levels in tanks , bores , and dams , providing realtime smartphone alerts . The system can detect leaks , track rainwater collection , and automate water pumps .